BUSINESS

U.S. Applications For Unemployment Benefits Fall

The number of Americans applying for unemployment benefits fell as the labor market continued to show resilience despite elevated interest rates.

Weekly Jobless claims fell to 202,000 for the week ending December 30, down by 18,000 from the previous week, the Labor Department reported Thursday.

The four-week average of claims, which evens out some of the week-to-week volatility, fell by 4,750 to 207,750.

Overall, 1.86 million Americans were collecting jobless benefits during the week that ended December 23, a decrease of 31,000 from the previous week and the fewest in two months.

According to a press report, Christopher Rupkey, chief economist at FWDBONDS in New York said, “The labor market is not too hot and not too cold at the moment.”

He added that “The total number of Americans on the jobless rolls receiving benefits remains elevated relative to prior year levels, but at the moment there is not enough unemployment to say the economy is on the downward slope to recession.”

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Readers Bureau, Contributor

 Edited by Jesus Chan

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